It should be reported as Other Income on your son's return, not self-employment income. You must answer the questions that follow the entry screen for the 1099-MISC. On the screens that follow, you will also be able to get to the fair market value screen needed.
- Open or continue your return, if you're not already in it.
- Search for 1099-misc and select the Jump-to link.
- Edit your 1099-MISC.
- Continue past the amounts already entered.
- Describe the reason for this 1099-MISC as prize money.
- Answer this was prize winnings on the screen Does one of these uncommon situations apply?
- Answer the on-screen questions, which you take you back to the summary screen again. Hit done.
- The next screen titled Fair Market Value of Prizes and Awards will enable you to enter the difference between the fair market value of the prize and the amounts listed on the 1099-MISC.
@NinjaBobM
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
